1. What utilities, if any, does the landlord pay for?
it would depend whats in the lease. some landlords pay for water and gas and the res is yours to pay. 2. If you were to fall down a wet flight of stairs and break your leg while in the apartment building, could you hold the landlord legally responsible for your medical bills?
uh yes! landlord should have a caution sign or some sort of notice around the wet stairs. 3. If you break any provision of the lease, what recourse does the landlord have?
they have the right to evict you. 4. What terms and conditions apply if you choose to stay after the lease has expired? you will need to continue to pay or they will take you to court for living there for free. make up a new lease!
5. If the landlord changes (or waives) any provision in the lease, how are the other provisions affected? well technically he has to show you what he changer or its not a legal paper anymore.
6. If you want to let the landlord know you are moving out, what must you do?
you need to read the lease and see how many days notice it is that you have to give before you just leave. 7. Is there anything in this lease you would change?
nope. 8. Would you add any provisions to this lease?
nope.
renting vs buying (chart was printed)
Answer the following questions about the scenarios above.
How Much House Can You Afford?
scenario 2 $20,000
renting pros and cons
pros
- less payments
- not permanently stuck there
- more choices
- landlord pays land taxes
- establish or repair credit
- invest money you need as a down payments
- save money
cons of renting
- might not allow pets
- not able to stay there forever
- no control of rent changing
- trouble with children
- no building onto it
- contracts are not renewable
- if you get kicked out.. your gone.
- might be small.
pros and cons of buying a house.
pros
-customize it to be your own
- live how you want
- financial perks
- fixed monthly payments
- no rules
- you can have pets
- can park where you want
- can have kids!
cons
- less flexibility
- limited access to amenities
- more responsible
- more financial pressure
- costly surprises
- have to pay your own property taxes
- take care of your own yard
- keep your house looking pretty.
will hand in chart too***
What do you think makes the difference? The landlord makes the difference because he pays the property tax if you live under the roof and just pay for the slab, now on the other hand if your in your own house you have to pay the property taxes on your own with no help.
How much can you afford to pay toward a mortgage payment each month?
$
What interest rate do you think you can find on a mortgage?
%
Anticipated closing costs
$
Loan origination rate?
%
Property tax rate
%
Homeowner's insurance rate
%
scenario 1
You could probably afford a $94,263.50 home.
A Note on Private Mortgage Insurance: You will also need to pay Private Mortgage Insurance (PMI) if the amount you owe on your home is more than 80% of the value of the home.
scenario 2
Results
You could probably afford a $145,418.56 home.
A Note on Private Mortgage Insurance: You will also need to pay Private Mortgage Insurance (PMI) if the amount you owe on your home is more than 80% of the value of the home.
of course id go with scenario 2, you have more money to play around with. The amount of payment each month makes the difference.
Definitions- conventional or high rate ratio- A high ratio mortgage is a mortgage in which a borrower places a down payment of less than 20% of the purchase price on a home. Another way of phrasing a high ratio mortgage is one with a loan to value ratio of more than 80%. A mortgage with more than a 20% down payment is called a conventional mortgage.
fixed rate or variable rate- DEFINITION of 'Variable Interest Rate' An interest rate on a loan or security that fluctuates over time, because it is based on an underlying benchmark interest rate or index that changes periodically.
short term or long term- changing periodically.
open or closed- Open mortgages allow you to prepay any amount of your mortgage at any time without a compensation charge. Closed mortgages have a prepayment limit, which means you are only permitted to pay 15% of the original principal balance of the mortgage per calendar year.
1. What utilities, if any, does the landlord pay for?
it would depend whats in the lease. some landlords pay for water and gas and the res is yours to pay.
2. If you were to fall down a wet flight of stairs and break your leg while in the
apartment building, could you hold the landlord legally responsible for your
medical bills?
uh yes! landlord should have a caution sign or some sort of notice around the wet stairs.
3. If you break any provision of the lease, what recourse does the landlord have?
they have the right to evict you.
4. What terms and conditions apply if you choose to stay after the lease has
expired? you will need to continue to pay or they will take you to court for living there for free. make up a new lease!
5. If the landlord changes (or waives) any provision in the lease, how are the other
provisions affected? well technically he has to show you what he changer or its not a legal paper anymore.
6. If you want to let the landlord know you are moving out, what must you do?
you need to read the lease and see how many days notice it is that you have to give before you just leave.
7. Is there anything in this lease you would change?
nope.
8. Would you add any provisions to this lease?
nope.
renting vs buying (chart was printed)
Answer the following questions about the scenarios above.
How Much House Can You Afford?
scenario 2 $20,000
renting pros and cons
pros
- less payments
- not permanently stuck there
- more choices
- landlord pays land taxes
- establish or repair credit
- invest money you need as a down payments
- save money
cons of renting
- might not allow pets
- not able to stay there forever
- no control of rent changing
- trouble with children
- no building onto it
- contracts are not renewable
- if you get kicked out.. your gone.
- might be small.
pros and cons of buying a house.
pros
-customize it to be your own
- live how you want
- financial perks
- fixed monthly payments
- no rules
- you can have pets
- can park where you want
- can have kids!
cons
- less flexibility
- limited access to amenities
- more responsible
- more financial pressure
- costly surprises
- have to pay your own property taxes
- take care of your own yard
- keep your house looking pretty.
What do you think makes the difference?
The landlord makes the difference because he pays the property tax if you live under the roof and just pay for the slab, now on the other hand if your in your own house you have to pay the property taxes on your own with no help.
scenario 1
You could probably afford a $94,263.50 home.
A Note on Private Mortgage Insurance: You will also need to pay Private Mortgage Insurance (PMI) if the amount you owe on your home is more than 80% of the value of the home.
scenario 2
Results
You could probably afford a $145,418.56 home.A Note on Private Mortgage Insurance: You will also need to pay Private Mortgage Insurance (PMI) if the amount you owe on your home is more than 80% of the value of the home.
of course id go with scenario 2, you have more money to play around with. The amount of payment each month makes the difference.
Definitions- conventional or high rate ratio-
A high ratio mortgage is a mortgage in which a borrower places a down payment of less than 20% of the purchase price on a home. Another way of phrasing a high ratio mortgage is one with a loan to value ratio of more than 80%. A mortgage with more than a 20% down payment is called a conventional mortgage.
fixed rate or variable rate-
DEFINITION of 'Variable Interest Rate' An interest rate on a loan or security that fluctuates over time, because it is based on an underlying benchmark interest rate or index that changes periodically.
short term or long term- changing periodically.
open or closed-
Open mortgages allow you to prepay any amount of your mortgage at any time without a compensation charge. Closed mortgages have a prepayment limit, which means you are only permitted to pay 15% of the original principal balance of the mortgage per calendar year.